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The unspoken danger of business masterminds

The unspoken danger of business masterminds

Today, I need to share something that really bothers me about masterminds. In fact, this applies to give business advice in any situation.

It’s something I see frustrate a lot of business owners. It can even lead them down a path that is damaging to their business if they don’t know how to recognize this problem.

But once you know how to keep an eye out, you can avoid this pitfall and still get all the amazing benefits that mastermind groups offer.

(SIDENOTE: I have a few spots left in my mastermind for coaches, consultants, and other experts. Click here to get the details and apply.)

Once, I was sitting in a mastermind meeting where one of our group (I’ll call her Erin) was in the hot seat asking for ideas to generate more leads for her business.

Immediately, someone jumped in to share with Erin how they were doing really well with paid ads and sending leads to a webinar.

As soon as there was a gap in the conversation, another member of the group started talking about how much his podcast had been growing his email list.

It continued like this for the next fifteen minutes. Bit by bit, I could see Erin’s eyes glaze over. I knew this look. She was totally overwhelmed. But because she didn’t want to seem ungrateful, she wasn’t saying anything.

I see this happen a lot in masterminds. The problem is two-fold.

First, people want to appear accomplished and smart. This leads them to offer advice even when it might not be the best fit for the person they are helping. Read more

3 insidious ways monetization shyness is killing your business

To continue our recent content about monetizing your expertise, I want to talk today about “monetization shyness” — something that will greatly hinder your ability to generate income if you don’t identify and fix it.

The danger is that we often don’t realize we’re doing it.

Monetization shyness typically shows up in three forms. Take a look to see which ones might be biting you.

1) Not Selling to Your Audience At All

For years, I — and I’m certain other colleagues — counseled Pat Flynn, popular marketing expert, author, and speaker, that he needed to sell his own courses. At the time, Pat’s income was entirely derived from affiliate commissions. Even though he was doing quite well, it was severely limiting his income growth potential and leaving his business at risk because his sources of income were all ultimately outside of his control. Read more